TRALAC - Trade Law Centre

Nigeria is Now Reaping Benefits of AGOA - Sasore

Friday, 08 August 2003

Source: Daily Trust (Abuja)

The Special Adviser to the president on the African Growth and Opportunities Act (AGOA), Mrs. Sasore has said that Nigeria has started reaping the benefits of the United States duty-free export law.

In a recent meeting with the organised private sector at the Manufacturers Association of Nigeria (MAN), headquarters in Lagos, Mrs. Sosore said AGOA will foster better trade relations between the US and designated sub-saharan African counties of which Nigeria is one.

"Nigeria hasn't fully taken advantage of AGOA as a result of delays in enacting necessary legislations.

Last year, over $9 billion was generated as trade revenue under AGOA which Nigeria accounted for over $5 billion, all from oil and oil related products, whereas AGOA is essentially to promote non-oil products," she said.

In a subsequent development on AGOA, Mrs. Sasore said that the delayed Bill on it has been passed by the National Assembly and assented to by the President.

Meanwhile, many factors which have hindered the success of AGOA were raised by some of the participants at the briefing, such as creating an enabling environment by the government, stability of money market, strict enforcement of trade policy, public enlightenment on what AGOA is all about and many more.

According to Mrs. Sasore, AGOA is a reflection of the growing recognition of the African ingenuity, intellect, skilfulness as well as its capability to perform to world standard.

She urged the organised private sector to start working collectively with the Ministry of Commerce and other government agencies so as to achieve success on AGOA projects.